- 4 Hour charts shows cloud and the 1180 levels as major support
- Golden ratio shown in this time frame is a crucial resistance zone. More momentum for gold bulls only if price is able to trade above this level.
- Falling back below the cloud can result in new lows for gold
Indian shares hit a record high on Friday, rising for the third straight session following further fall in crude oil prices after the OPEC decided not to cut output. The Sensex touched the life-time high level of 28,822 and Nifty reached all-time high mark of 8,617. Shares of interest rate sensitive mainly banking and automobile sectors traded higher ahead of the Reserve Bank of India (RBI) monetary policy meeting on December 2 and Hopes of rate cut or indication of rate cut in monetary policy on also pushed market higher.
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